Create a appropriate journal entry to record income taxes

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Reference no: EM13126574

A company reports pretax accounting income of $11.5 million, but because of a single temporary difference, taxable income is only $8.9 million. No temporary differences existed at the beginning of the year, and the tax rate is 40.0%.

Prepare the appropriate journal entry to record income taxes. (Enter your answers in millions rounded to 1 decimal place. Omit the "$" sign in your response.)

Reference no: EM13126574

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